Must home owners knows that there is help available from their lenders, and programs that will help them stay on their home, what they don’t know is that the firs line of defense by the lenders is to get the home owner true their "Collection Department" here you will be ask question and or try to squeeze money from you before they offer you any consolation. You will be ask for your financials and the reason of your delinquency, you also be ask to write a Hardship letter and provide your last w2 form, probably your last year taxes, proof of income.
After all this documents are provided to them, they will probably offer you a reinstatement of your loan, prepayment plan, forbearance, modification or refinance and all these if you qualify. Must home owner get them self in a situation in which accept the program offer by the collection department. Doing this by your self as suggested by the banks, is putting your self in harms way. We all know that the bank is not out to provide you with the help needed but to help them self, so what make you believe that they will offer you the best modification available to you. I am not suggesting that you should pay an expert to this for you, but to think before you act. If you make the decision to call your self to negotiate a modification; I will strongly suggest getting sufficient information prior to embark in this difficult decision.
There are groups that belong to the "HOPE NOW" alliance find them to obtain more inforamtion. I will sugets to call The Home Defenders Center" at 888-250-4230
or call 714-927-1952 to order your Modification Manual 101 put out by a real estate agent. A simple way to understand the modification proccess and a how to doit your self guide.
Lupe Medina
Monday, December 8, 2008
Wednesday, November 19, 2008
“HOPE NOW ALLIANCE”
Re/Max Metro is an authorize member of “HOPE NOW ALLIANCE”
Lupe Medina as a Realtor for Re/Max Metro will provide the ethical service that most home owners are looking fore. If you or any body you know needs advice and help to resolve a present mortgage condition such as delinquency, foreclosure, rates are about to adjust or can not longer sustain a mortgage payment, call Lupe Medina for more information. A team of experts are ready for you and will help you in working with your bank on getting a modification and establish a professional communication with the work out department. You must not try it by your self; we are professionals with experience in talking to Banks. There are many others offering these services and the questions should be, are they members of “HOPE ALLIANCE”? Or just trying to take your money and run away with your hopes and dreams.
Email your appointment request and include your name, address and phone number and we will be contacting you as soon as possible.
Homesbyarea@gmail.com
Lupe Medina/Realtor 866-466-6650 Cellular 909-964-2646
Oscar Matamoros/Marketing 714-609-3434
homesbyarea.com
Lupe Medina as a Realtor for Re/Max Metro will provide the ethical service that most home owners are looking fore. If you or any body you know needs advice and help to resolve a present mortgage condition such as delinquency, foreclosure, rates are about to adjust or can not longer sustain a mortgage payment, call Lupe Medina for more information. A team of experts are ready for you and will help you in working with your bank on getting a modification and establish a professional communication with the work out department. You must not try it by your self; we are professionals with experience in talking to Banks. There are many others offering these services and the questions should be, are they members of “HOPE ALLIANCE”? Or just trying to take your money and run away with your hopes and dreams.
Email your appointment request and include your name, address and phone number and we will be contacting you as soon as possible.
Homesbyarea@gmail.com
Lupe Medina/Realtor 866-466-6650 Cellular 909-964-2646
Oscar Matamoros/Marketing 714-609-3434
homesbyarea.com
Saturday, October 11, 2008
Hope For Home Owners
HOPE for Homeowners
The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. H4H is an additional mortgage option designed to keep borrowers in their homes.
The program is effective from October 1, 2008 to September 30, 2011.
As many as 400,000 homeowners could avoid foreclosure through this program over the next three years. If you are having trouble making your mortgage payments, HOPE for Homeowners may be able to help you, by refinancing your loan into a new 30-year fixed-rate loan with lower payments.
How the Program Works
There are four ways that a distressed homeowner could pursue participation in the HOPE for Homeowners program:
Homeowners may contact their existing lender and/or a new lender to discuss how to qualify and their eligibility for this program.
Servicers working with troubled homeowners may determine that the best solution for avoiding foreclosure is to refinance the homeowner into a HOPE for Homeowners loan.
Originating lenders who are looking for ways to refinance potential customers out from under their high-cost loans and/or who are willing to work with servicers to assist distressed homeowners.
Counselors who are working with troubled homeowners and their lenders to reach a mutually agreeable solution for avoiding foreclosure.
From FHA
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Paste and copy this link on your browser to view a sample report http://www.pwr.net/MarketStats/2008/200809_Anaheim_All.pdf
homesbyarea.com
Friday, October 10, 2008
Putting Your Home on the Loan Line is a Risky Business
Are you in need of cash?
Do you want to consolidate your debts?
Are you receiving home equity loan or refinancing offers that seem too good to be true?
Does your home need repairs that contractors tell you can be easily financed?
If you are a homeowner who needs money to pay bills or for home repairs, you may think a home equity loan is the answer. But not all loans and lenders are the same--you should shop around. The cost of doing business with high-cost lenders can be excessive and, sometimes, downright abusive. For example, certain lenders--often called "predatory lenders"--target homeowners who have low incomes or credit problems or who are elderly by deceiving them about loan terms or giving them loans they cannot afford to repay.
Borrowing from an unscrupulous lender, especially one who offers you a high-cost loan using your home as security, is risky business. You could lose your home and your money. Before you sign on the line,
Think about your options
Do your homework
Think twice before you sign
Know that you have rights under the law
--------------------------------------------------------------------------------
Think about Your Options
If you’re having money problems, consider these options before you put your home on the loan line.
Talk with your creditors or with representatives of non-profit or other reputable credit or budget counseling organizations to work out a plan that reduces your bill payments to a more manageable level.
Contact your local social service agency, community or religious groups, and local or state housing agencies. They may have programs that help consumers, including the elderly and those with disabilities, with energy bills, home repairs, or other emergency needs.
Contact a local housing counseling agency to discuss your needs. Call the U.S. Department of Housing and Urban Development toll-free at 800-569-4287 or visit www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm to find a center near you.
Talk with someone other than the lender or broker offering the loan who is knowledgeable and you trust before making any decisions. Remember, if you decide to get a home equity loan and can’t make the payments, the lender could foreclose and you would lose your home.
If you decide a loan is right for you, talk with several lenders, including at least one bank, savings and loan, or credit union in your community. Their loans may cost less than loans from finance companies. And don’t assume that if you’re on a fixed income or have credit problems, you won’t qualify for a loan from a bank, savings and loan, or credit union--they may have the loan you want!
--------------------------------------------------------------------------------
Do Your Homework
Contact several lenders--and be very careful about dealing with a lender who just appears at your door, calls you, or sends you mail. Ask friends and family for recommendations of lenders. Talk with banks, savings and loans, credit unions, and other lenders. If you choose to use a mortgage broker, remember they arrange loans but most do not lend directly. Compare their offers with those of other direct lenders.
Be wary of home repair contractors that offer to arrange financing. You should still talk with other lenders to make sure you get the best deal. You may want to have the loan proceeds sent directly to you, not the contractor.
Comparison shop. Comparing loan plans can help you get a better deal. Whether you begin your shopping by reading ads in your local newspapers, searching on the Internet, or looking in the phone book, ask lenders to explain the best loan plans they have for you. Beware of loan terms and conditions that may mean higher costs for you. Get answers to these questions and use the worksheet to compare loan plans:
Interest Rate and Payments
What are the monthly payments? Ask yourself if you can afford them.
What is the annual percentage rate (APR) on the loan? The APR is the cost of credit, expressed as a yearly rate. You can use the APR to compare one loan with another.
Will the interest rate change during the life of the loan? If so, when, how often, and by how much?
Term of Loan
How many years will you have to repay the loan?
Is this a loan or a line of credit? A loan is for a fixed amount of money for a specific period of time; a line of credit is an amount of money you can draw as you need it.
Is there a balloon payment--a large single payment at the end of the loan term after a series of low monthly payments? When the balloon payment is due, you must pay the entire amount.
Points and Fees
What will you have to pay in points and fees? One point equals 1 percent of the loan amount (1 point on a $10,000 loan is $100). Generally, the higher the points, the lower the interest rate. If points and fees are more than 5 percent of the loan amount, ask why. Traditional financial institutions normally charge between 1 and 3 percent of the loan amount in points and fees.
Are any of the application fees refundable if you don’t get the loan?
How and how much will the the lender or broker be paid? Lenders and brokers may charge points or fees that you must pay at closing or add on to the cost of your loan, or both.
Penalties
What is the penalty for late or missed payments?
What is the penalty if you pay off or refinance the loan early (that is, is there a pre-payment penalty)?
Credit Insurance
Does the loan package include optional credit insurance, such as credit life, disability, or unemployment insurance? Depending on the type of policy, credit insurance can cover some or all of your payments if you can't make them. Understand that you don’t have to buy optional credit insurance--that’s why it’s called “optional.” Don’t buy insurance you don’t need.
Credit insurance may be a bad deal for you, especially if the premiums are collected up-front at the closing and financed as part of the loan. If you want optional credit insurance, ask if you can pay for it on a monthly basis after the loan is approved and closed. With monthly insurance premiums, you don't pay interest and you can decide to cancel if the premiums are too high or if you believe you no longer want the insurance.
After you have answers to these questions, start negotiating with more than one lender. Don’t be afraid to make lenders and brokers compete for your business by letting them know you are shopping for the best deal. Ask each lender to lower the points, fees, or interest rate. And ask each to meet--or beat--the terms of the other lenders.
Once You’ve Selected a Lender, Get the Following
A “Good Faith Estimate” of all loan charges. The estimate must be sent within 3 days of applying.
Blank copies of the forms you’ll sign at closing, when the loan is final. Study them. If you don’t understand something, ask for an explanation.
Advance copies of the forms you’ll sign at closing with the terms filled in. A week or two before closing, contact the lender to find out if there have been any changes in the Good Faith Estimate. By law, you can inspect the final settlement statement (also called the HUD-1 or HUD-1A form) one day prior to closing. Study these forms. Write down any questions you want to ask.
--------------------------------------------------------------------------------
Think Twice before You Sign
Have a knowledgeable friend, relative, attorney, or housing counselor review the Good Faith Estimate and other loan papers before you sign the loan contract. Be sure the terms are the same ones you agreed to. For example, a lender should not promise one APR and then--without good reason--increase it at closing.
Refer to the list of questions you’ve written down. Ask where these terms are covered in the loan contract. And ask for an explanation of any dollar amount or term you don’t understand. Don’t let anyone rush you into signing the loan contract.
Make sure all promises, oral and otherwise, are put in writing. It’s only what’s in writing that counts.
Get a copy of the documents you signed before you leave the closing.
Don’t Sign on the Dotted Line if the Lender …
Tells you to falsify information on the loan application (for example, suggests that you write down more income than you really have).
Pressures you into applying for a loan for more money than you need, or one that has monthly payments larger than you can afford.
Promises one set of terms but gives you another with no good reason for the change.
Tells you to sign blank forms or forms that aren't completely filled in. If an item is supposed to be blank, draw a line through the space and initial it.
Pressures you to sign today. A good deal today should be available tomorrow.
--------------------------------------------------------------------------------
Know that You Have Rights under the Law
You Have 3 Business Days to Cancel the Loan
If you're using your home as security for a home equity loan (or for a second mortgage loan or a line of credit), federal law gives you 3 business days after signing the loan papers to cancel the deal--for any reason--without penalty. You must cancel in writing. The lender must return any money you have paid to date.
Do You Think You've Made a Mistake?
Has the 3-day period during which you may cancel passed and you're worried that you've gotten in over your head? Do you think your loan fees were too high? Do you believe you were steered into monthly payments you can't afford? Has your lender repeatedly pressured you to refinance? Is your loan covered by insurance you don't need or want?
If you think you've been taken advantage of, state and federal laws may protect you. Also, the following organizations may be able to help:
Your local or state bar association--sometimes listed under "Lawyers Referral Service" in the Yellow Pages of your phone book. The association may be able to refer you to low-cost or no-cost lawyers who can help.
Your local consumer protection agency, state attorney general’s office, or state office on aging, listed in the Blue Pages of your phone book.
Your local fair housing group or affordable housing agency, housing counseling agency, or state housing agency.
You can learn more about credit and home equity loans by visiting the federal government’s web site for consumers, www.consumer.gov (see the Home and Community section). If you don’t have access to the Internet, ask a friend or relative to get the information for you. Or visit your local library or senior center, which may offer you free access to the Internet on their computers.
--------------------------------------------------------------------------------
www.homesbyarea.com
Do you want to consolidate your debts?
Are you receiving home equity loan or refinancing offers that seem too good to be true?
Does your home need repairs that contractors tell you can be easily financed?
If you are a homeowner who needs money to pay bills or for home repairs, you may think a home equity loan is the answer. But not all loans and lenders are the same--you should shop around. The cost of doing business with high-cost lenders can be excessive and, sometimes, downright abusive. For example, certain lenders--often called "predatory lenders"--target homeowners who have low incomes or credit problems or who are elderly by deceiving them about loan terms or giving them loans they cannot afford to repay.
Borrowing from an unscrupulous lender, especially one who offers you a high-cost loan using your home as security, is risky business. You could lose your home and your money. Before you sign on the line,
Think about your options
Do your homework
Think twice before you sign
Know that you have rights under the law
--------------------------------------------------------------------------------
Think about Your Options
If you’re having money problems, consider these options before you put your home on the loan line.
Talk with your creditors or with representatives of non-profit or other reputable credit or budget counseling organizations to work out a plan that reduces your bill payments to a more manageable level.
Contact your local social service agency, community or religious groups, and local or state housing agencies. They may have programs that help consumers, including the elderly and those with disabilities, with energy bills, home repairs, or other emergency needs.
Contact a local housing counseling agency to discuss your needs. Call the U.S. Department of Housing and Urban Development toll-free at 800-569-4287 or visit www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm to find a center near you.
Talk with someone other than the lender or broker offering the loan who is knowledgeable and you trust before making any decisions. Remember, if you decide to get a home equity loan and can’t make the payments, the lender could foreclose and you would lose your home.
If you decide a loan is right for you, talk with several lenders, including at least one bank, savings and loan, or credit union in your community. Their loans may cost less than loans from finance companies. And don’t assume that if you’re on a fixed income or have credit problems, you won’t qualify for a loan from a bank, savings and loan, or credit union--they may have the loan you want!
--------------------------------------------------------------------------------
Do Your Homework
Contact several lenders--and be very careful about dealing with a lender who just appears at your door, calls you, or sends you mail. Ask friends and family for recommendations of lenders. Talk with banks, savings and loans, credit unions, and other lenders. If you choose to use a mortgage broker, remember they arrange loans but most do not lend directly. Compare their offers with those of other direct lenders.
Be wary of home repair contractors that offer to arrange financing. You should still talk with other lenders to make sure you get the best deal. You may want to have the loan proceeds sent directly to you, not the contractor.
Comparison shop. Comparing loan plans can help you get a better deal. Whether you begin your shopping by reading ads in your local newspapers, searching on the Internet, or looking in the phone book, ask lenders to explain the best loan plans they have for you. Beware of loan terms and conditions that may mean higher costs for you. Get answers to these questions and use the worksheet to compare loan plans:
Interest Rate and Payments
What are the monthly payments? Ask yourself if you can afford them.
What is the annual percentage rate (APR) on the loan? The APR is the cost of credit, expressed as a yearly rate. You can use the APR to compare one loan with another.
Will the interest rate change during the life of the loan? If so, when, how often, and by how much?
Term of Loan
How many years will you have to repay the loan?
Is this a loan or a line of credit? A loan is for a fixed amount of money for a specific period of time; a line of credit is an amount of money you can draw as you need it.
Is there a balloon payment--a large single payment at the end of the loan term after a series of low monthly payments? When the balloon payment is due, you must pay the entire amount.
Points and Fees
What will you have to pay in points and fees? One point equals 1 percent of the loan amount (1 point on a $10,000 loan is $100). Generally, the higher the points, the lower the interest rate. If points and fees are more than 5 percent of the loan amount, ask why. Traditional financial institutions normally charge between 1 and 3 percent of the loan amount in points and fees.
Are any of the application fees refundable if you don’t get the loan?
How and how much will the the lender or broker be paid? Lenders and brokers may charge points or fees that you must pay at closing or add on to the cost of your loan, or both.
Penalties
What is the penalty for late or missed payments?
What is the penalty if you pay off or refinance the loan early (that is, is there a pre-payment penalty)?
Credit Insurance
Does the loan package include optional credit insurance, such as credit life, disability, or unemployment insurance? Depending on the type of policy, credit insurance can cover some or all of your payments if you can't make them. Understand that you don’t have to buy optional credit insurance--that’s why it’s called “optional.” Don’t buy insurance you don’t need.
Credit insurance may be a bad deal for you, especially if the premiums are collected up-front at the closing and financed as part of the loan. If you want optional credit insurance, ask if you can pay for it on a monthly basis after the loan is approved and closed. With monthly insurance premiums, you don't pay interest and you can decide to cancel if the premiums are too high or if you believe you no longer want the insurance.
After you have answers to these questions, start negotiating with more than one lender. Don’t be afraid to make lenders and brokers compete for your business by letting them know you are shopping for the best deal. Ask each lender to lower the points, fees, or interest rate. And ask each to meet--or beat--the terms of the other lenders.
Once You’ve Selected a Lender, Get the Following
A “Good Faith Estimate” of all loan charges. The estimate must be sent within 3 days of applying.
Blank copies of the forms you’ll sign at closing, when the loan is final. Study them. If you don’t understand something, ask for an explanation.
Advance copies of the forms you’ll sign at closing with the terms filled in. A week or two before closing, contact the lender to find out if there have been any changes in the Good Faith Estimate. By law, you can inspect the final settlement statement (also called the HUD-1 or HUD-1A form) one day prior to closing. Study these forms. Write down any questions you want to ask.
--------------------------------------------------------------------------------
Think Twice before You Sign
Have a knowledgeable friend, relative, attorney, or housing counselor review the Good Faith Estimate and other loan papers before you sign the loan contract. Be sure the terms are the same ones you agreed to. For example, a lender should not promise one APR and then--without good reason--increase it at closing.
Refer to the list of questions you’ve written down. Ask where these terms are covered in the loan contract. And ask for an explanation of any dollar amount or term you don’t understand. Don’t let anyone rush you into signing the loan contract.
Make sure all promises, oral and otherwise, are put in writing. It’s only what’s in writing that counts.
Get a copy of the documents you signed before you leave the closing.
Don’t Sign on the Dotted Line if the Lender …
Tells you to falsify information on the loan application (for example, suggests that you write down more income than you really have).
Pressures you into applying for a loan for more money than you need, or one that has monthly payments larger than you can afford.
Promises one set of terms but gives you another with no good reason for the change.
Tells you to sign blank forms or forms that aren't completely filled in. If an item is supposed to be blank, draw a line through the space and initial it.
Pressures you to sign today. A good deal today should be available tomorrow.
--------------------------------------------------------------------------------
Know that You Have Rights under the Law
You Have 3 Business Days to Cancel the Loan
If you're using your home as security for a home equity loan (or for a second mortgage loan or a line of credit), federal law gives you 3 business days after signing the loan papers to cancel the deal--for any reason--without penalty. You must cancel in writing. The lender must return any money you have paid to date.
Do You Think You've Made a Mistake?
Has the 3-day period during which you may cancel passed and you're worried that you've gotten in over your head? Do you think your loan fees were too high? Do you believe you were steered into monthly payments you can't afford? Has your lender repeatedly pressured you to refinance? Is your loan covered by insurance you don't need or want?
If you think you've been taken advantage of, state and federal laws may protect you. Also, the following organizations may be able to help:
Your local or state bar association--sometimes listed under "Lawyers Referral Service" in the Yellow Pages of your phone book. The association may be able to refer you to low-cost or no-cost lawyers who can help.
Your local consumer protection agency, state attorney general’s office, or state office on aging, listed in the Blue Pages of your phone book.
Your local fair housing group or affordable housing agency, housing counseling agency, or state housing agency.
You can learn more about credit and home equity loans by visiting the federal government’s web site for consumers, www.consumer.gov (see the Home and Community section). If you don’t have access to the Internet, ask a friend or relative to get the information for you. Or visit your local library or senior center, which may offer you free access to the Internet on their computers.
--------------------------------------------------------------------------------
www.homesbyarea.com
Sunday, September 28, 2008
SEC. 109. FORECLOSURE MITIGATION EFFORTS.
$700 Billion Draft RESIDENTIAL MORTGAGE LOAN SERVICING
1 SEC. 109. FORECLOSURE MITIGATION EFFORTS.
2 (a) RESIDENTIAL MORTGAGE LOAN SERVICING
3 STANDARDS.—To the extent that the Secretary acquires
4 mortgages, mortgage backed securities, and other assets
5 secured by residential real estate, including multifamily
6 housing, the Secretary shall implement a plan that seeks
7 to maximize assistance for homeowners and use the au8
thority of the Secretary to encourage the servicers of the
9 underlying mortgages, considering net present value to the
10 taxpayer, to take advantage of the HOPE for Home11
owners Program under section 257 of the National Hous12
ing Act or other available programs to minimize fore13
closures. In addition, the Secretary may use loan guaran14
tees and credit enhancements to facilitate loan modifica15
tions to prevent avoidable foreclosures.
16 (b) COORDINATION.—The Secretary shall coordinate
17 with the Corporation, the Board (with respect to any
18 mortgage or mortgage-backed securities or pool of securi19
ties held, owned, or controlled by or on behalf of a Federal
20 reserve bank, as provided in section 110(a)(1)(C)), the
21 Federal Housing Finance Agency, the Secretary of Hous22
ing and Urban Development, and other Federal Govern23
ment entities that hold troubled assets to attempt to iden24
tify opportunities for the acquisition of classes of troubled
25 assets that will improve the ability of the Secretary to im26
prove the loan modification and restructuring process and,
26
O:\AYO\AYO08C04.xml
1 where permissible, to permit bona fide tenants who are
2 current on their rent to remain in their homes under the
3 terms of the lease. In the case of a mortgage on a residen4
tial rental property, the plan required under this section
5 shall include protecting Federal, State, and local rental
6 subsidies and protections, and ensuring any modification
7 takes into account the need for operating funds to main8
tain decent and safe conditions at the property.
9 (c) CONSENT TO REASONABLE LOAN MODIFICATION
10 REQUESTS.—Upon any request arising under existing in11
vestment contracts, the Secretary shall consent, where ap12
propriate, and considering net present value to the tax13
payer, to reasonable requests for loss mitigation measures,
14 including term extensions, rate reductions, principal write
15 downs, increases in the proportion of loans within a trust
16 or other structure allowed to be modified, or removal of
17 other limitation on modifications.
1 SEC. 109. FORECLOSURE MITIGATION EFFORTS.
2 (a) RESIDENTIAL MORTGAGE LOAN SERVICING
3 STANDARDS.—To the extent that the Secretary acquires
4 mortgages, mortgage backed securities, and other assets
5 secured by residential real estate, including multifamily
6 housing, the Secretary shall implement a plan that seeks
7 to maximize assistance for homeowners and use the au8
thority of the Secretary to encourage the servicers of the
9 underlying mortgages, considering net present value to the
10 taxpayer, to take advantage of the HOPE for Home11
owners Program under section 257 of the National Hous12
ing Act or other available programs to minimize fore13
closures. In addition, the Secretary may use loan guaran14
tees and credit enhancements to facilitate loan modifica15
tions to prevent avoidable foreclosures.
16 (b) COORDINATION.—The Secretary shall coordinate
17 with the Corporation, the Board (with respect to any
18 mortgage or mortgage-backed securities or pool of securi19
ties held, owned, or controlled by or on behalf of a Federal
20 reserve bank, as provided in section 110(a)(1)(C)), the
21 Federal Housing Finance Agency, the Secretary of Hous22
ing and Urban Development, and other Federal Govern23
ment entities that hold troubled assets to attempt to iden24
tify opportunities for the acquisition of classes of troubled
25 assets that will improve the ability of the Secretary to im26
prove the loan modification and restructuring process and,
26
O:\AYO\AYO08C04.xml
1 where permissible, to permit bona fide tenants who are
2 current on their rent to remain in their homes under the
3 terms of the lease. In the case of a mortgage on a residen4
tial rental property, the plan required under this section
5 shall include protecting Federal, State, and local rental
6 subsidies and protections, and ensuring any modification
7 takes into account the need for operating funds to main8
tain decent and safe conditions at the property.
9 (c) CONSENT TO REASONABLE LOAN MODIFICATION
10 REQUESTS.—Upon any request arising under existing in11
vestment contracts, the Secretary shall consent, where ap12
propriate, and considering net present value to the tax13
payer, to reasonable requests for loss mitigation measures,
14 including term extensions, rate reductions, principal write
15 downs, increases in the proportion of loans within a trust
16 or other structure allowed to be modified, or removal of
17 other limitation on modifications.
“EMERGENCY ECONOMIC STABILIZATION ACT OF 2008”
SUMMARY OF THE “EMERGENCY ECONOMIC STABILIZATION ACT OF 2008”
I. Stabilizing the Economy
The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion to the
Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets
of financial institutions and making it difficult for working families, small businesses, and other
companies to access credit, which is vital to a strong and stable economy. EESA also establishes
a program that would allow companies to insure their troubled assets.
II. Homeownership Preservation
EESA requires the Treasury to modify troubled loans – many the result of predatory lending
practices – wherever possible to help American families keep their homes. It also directs other
federal agencies to modify loans that they own or control. Finally, it improves the HOPE for
Homeowners program by expanding eligibility and increasing the tools available to the
Department of Housing and Urban Development to help more families keep their homes.
III. Taxpayer Protection
Taxpayers should not be expected to pay for Wall Street’s mistakes. The legislation requires
companies that sell some of their bad assets to the government to provide warrants so that
taxpayers will benefit from any future growth these companies may experience as a result of
participation in this program. The legislation also requires the President to submit legislation
that would cover any losses to taxpayers resulting from this program from financial institutions.
IV. No Windfalls for Executives
Executives who made bad decisions should not be allowed to dump their bad assets on the
government, and then walk away with millions of dollars in bonuses. In order to participate in
this program, companies will lose certain tax benefits and, in some cases, must limit executive
pay. In addition, the bill limits “golden parachutes” and requires that unearned bonuses be
returned.
V. Strong Oversight
Rather than giving the Treasury all the funds at once, the legislation gives the Treasury $250
billion immediately, then requires the President to certify that additional funds are needed ($100
billion, then $350 billion subject to Congressional disapproval). The Treasury must report on the
use of the funds and the progress in addressing the crisis. EESA also establishes an Oversight
Board so that the Treasury cannot act in an arbitrary manner. It also establishes a special
inspector general to protect against waste, fraud and abuse.
Read more by visiting financialservice.house.gov
I. Stabilizing the Economy
The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion to the
Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets
of financial institutions and making it difficult for working families, small businesses, and other
companies to access credit, which is vital to a strong and stable economy. EESA also establishes
a program that would allow companies to insure their troubled assets.
II. Homeownership Preservation
EESA requires the Treasury to modify troubled loans – many the result of predatory lending
practices – wherever possible to help American families keep their homes. It also directs other
federal agencies to modify loans that they own or control. Finally, it improves the HOPE for
Homeowners program by expanding eligibility and increasing the tools available to the
Department of Housing and Urban Development to help more families keep their homes.
III. Taxpayer Protection
Taxpayers should not be expected to pay for Wall Street’s mistakes. The legislation requires
companies that sell some of their bad assets to the government to provide warrants so that
taxpayers will benefit from any future growth these companies may experience as a result of
participation in this program. The legislation also requires the President to submit legislation
that would cover any losses to taxpayers resulting from this program from financial institutions.
IV. No Windfalls for Executives
Executives who made bad decisions should not be allowed to dump their bad assets on the
government, and then walk away with millions of dollars in bonuses. In order to participate in
this program, companies will lose certain tax benefits and, in some cases, must limit executive
pay. In addition, the bill limits “golden parachutes” and requires that unearned bonuses be
returned.
V. Strong Oversight
Rather than giving the Treasury all the funds at once, the legislation gives the Treasury $250
billion immediately, then requires the President to certify that additional funds are needed ($100
billion, then $350 billion subject to Congressional disapproval). The Treasury must report on the
use of the funds and the progress in addressing the crisis. EESA also establishes an Oversight
Board so that the Treasury cannot act in an arbitrary manner. It also establishes a special
inspector general to protect against waste, fraud and abuse.
Read more by visiting financialservice.house.gov
Wednesday, September 24, 2008
$700 Billion Blank Check????????
Dear Oscar,
No $700 Billion Blank Check
Any bailout package that Congress passes must be balanced to help Main Street as well as Wall Street.
Contact your member of Congress today.
George Bush, Henry Paulson and Ben Bernanke came to Congress last weekend with a request for a $700 billion blank check to bail out Wall Street. Thankfully, our allies in Congress are pushing back against this dangerous and ill-conceived bill.
To ensure that the bill Congress passes is a balanced one, our congressional leadership needs to hear from you. Contact your member of Congress and their leaders today and tell them "no blank checks" for Wall Street.
Our nation is facing a real financial crisis, brought on by seven years of Bush-McCain financial policies, that calls for action that is thoughtful and swift—but not hasty. The actions we take at this perilous time must set the stage for a real recovery that benefits Main Street as well as Wall Street.
The last thing we should do is compound the enormous imbalances in our economy with an enormously imbalanced rescue package. To accomplish this, any bailout must:
Be governed by an independent board with transparency and effective public and congressional oversight.
Use the full array of financial and legal tools available to the government to stop foreclosures and restructure home mortgage loans for working families.
Address the cause of the crisis on Main Street in addition to the symptoms on Wall Street. Congress should pass a second stimulus package in its entirety.
Work to address the disastrous weaknesses in our financial regulatory system and corporate governance system that allowed this disaster to happen.
Contact your member of Congress and their leaders today and tell them to ensure that any bailout package is a balanced one.
The current Bush-Paulson-Bernanke proposal does nothing for families facing foreclosure or for working people hit hard by the economy, and it does nothing to hold those who caused this crisis accountable. Meanwhile, it grants unlimited authority to the Bush administration to spend $700 billion of the public’s money to prop up whomever they wish on Wall Street, without any rules or independent oversight.
This is not acceptable.
The stakes are enormous. If this plan ends up squandering hundreds of billions of dollars of the public’s money, the damage will not be limited to the financial system. As a nation, we must address the health care crisis, the infrastructure crisis, the energy and environmental crisis and the jobs crisis. Our future and our children’s future depend on focusing our nation on these challenges in the real economy.
Contact your member of Congress and their leaders today and tell them "no blank checks" for Wall Street.
In solidarity,
Working America, AFL-CIO
Tell-a-friend!
If you received this message from a friend, you can sign up for Working America.
National Office 815 16th St., N.W. • Washington, DC 20006 • 202-637-5137 • info@workingamerica.org
Copyright © 2007 WORKING AMERICA.
No $700 Billion Blank Check
Any bailout package that Congress passes must be balanced to help Main Street as well as Wall Street.
Contact your member of Congress today.
George Bush, Henry Paulson and Ben Bernanke came to Congress last weekend with a request for a $700 billion blank check to bail out Wall Street. Thankfully, our allies in Congress are pushing back against this dangerous and ill-conceived bill.
To ensure that the bill Congress passes is a balanced one, our congressional leadership needs to hear from you. Contact your member of Congress and their leaders today and tell them "no blank checks" for Wall Street.
Our nation is facing a real financial crisis, brought on by seven years of Bush-McCain financial policies, that calls for action that is thoughtful and swift—but not hasty. The actions we take at this perilous time must set the stage for a real recovery that benefits Main Street as well as Wall Street.
The last thing we should do is compound the enormous imbalances in our economy with an enormously imbalanced rescue package. To accomplish this, any bailout must:
Be governed by an independent board with transparency and effective public and congressional oversight.
Use the full array of financial and legal tools available to the government to stop foreclosures and restructure home mortgage loans for working families.
Address the cause of the crisis on Main Street in addition to the symptoms on Wall Street. Congress should pass a second stimulus package in its entirety.
Work to address the disastrous weaknesses in our financial regulatory system and corporate governance system that allowed this disaster to happen.
Contact your member of Congress and their leaders today and tell them to ensure that any bailout package is a balanced one.
The current Bush-Paulson-Bernanke proposal does nothing for families facing foreclosure or for working people hit hard by the economy, and it does nothing to hold those who caused this crisis accountable. Meanwhile, it grants unlimited authority to the Bush administration to spend $700 billion of the public’s money to prop up whomever they wish on Wall Street, without any rules or independent oversight.
This is not acceptable.
The stakes are enormous. If this plan ends up squandering hundreds of billions of dollars of the public’s money, the damage will not be limited to the financial system. As a nation, we must address the health care crisis, the infrastructure crisis, the energy and environmental crisis and the jobs crisis. Our future and our children’s future depend on focusing our nation on these challenges in the real economy.
Contact your member of Congress and their leaders today and tell them "no blank checks" for Wall Street.
In solidarity,
Working America, AFL-CIO
Tell-a-friend!
If you received this message from a friend, you can sign up for Working America.
National Office 815 16th St., N.W. • Washington, DC 20006 • 202-637-5137 • info@workingamerica.org
Copyright © 2007 WORKING AMERICA.
Tuesday, September 16, 2008
FHA To Rescue Home Owners Facing Foreclosure
Federal housing package
The Housing and Economic Recovery Act of 2008, will assist an estimated 400,000 homeowners currently facing foreclosure, many of whom reside in California, by allowing them to refinance their current sub prime mortgages with a more affordable Federal Housing Administration (FHA)-backed loan. This particular feature of the bill aims to stem the rising tide of foreclosures that have been driving down home values across the state and creating tougher lending rules that have pushed many potential first-time buyers with good credit off to the sidelines.
FHA foreclosure rescue – development of a refinance program for homebuyers with problematic sub prime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
Knowledge is Power. Ask questions you should received an answer.
Call Oscar Matamoros to have a private appointment to discus your situation.
714-609-3434
The Housing and Economic Recovery Act of 2008, will assist an estimated 400,000 homeowners currently facing foreclosure, many of whom reside in California, by allowing them to refinance their current sub prime mortgages with a more affordable Federal Housing Administration (FHA)-backed loan. This particular feature of the bill aims to stem the rising tide of foreclosures that have been driving down home values across the state and creating tougher lending rules that have pushed many potential first-time buyers with good credit off to the sidelines.
FHA foreclosure rescue – development of a refinance program for homebuyers with problematic sub prime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
Knowledge is Power. Ask questions you should received an answer.
Call Oscar Matamoros to have a private appointment to discus your situation.
714-609-3434
Monday, September 8, 2008
Fannie and Freddie Take over
The federal takeover was initially welcomed by banks and market watchers outside the U.S. who saw it as a way to dispel some of the uncertainty roiling the world's financial markets. The intervention could eventually be a boon for Wall Street, by providing a boost to the moribund mortgage industry and by perhaps diminishing the influence of Wall Street's two largest competitors in the market of packaging and reselling mortgage-backed bonds.
The move is also likely to nudge down mortgage rates for consumers, who are facing the worst housing bust since the 1930s. Despite steep interest-rate cuts by the Federal Reserve, the cost of a typical 30-year fixed-rate mortgage has remained well over 6% for most of the past year. To bolster the mortgage market, Treasury said it will buy, on the open market, at least $5 billion of new mortgage-backed securities issued by Fannie and Freddie.
Taken from California Association fo Realtors
http://www.homesbyarea.com
homesbyareamail@yahoo.com
The move is also likely to nudge down mortgage rates for consumers, who are facing the worst housing bust since the 1930s. Despite steep interest-rate cuts by the Federal Reserve, the cost of a typical 30-year fixed-rate mortgage has remained well over 6% for most of the past year. To bolster the mortgage market, Treasury said it will buy, on the open market, at least $5 billion of new mortgage-backed securities issued by Fannie and Freddie.
Taken from California Association fo Realtors
http://www.homesbyarea.com
homesbyareamail@yahoo.com
Saturday, September 6, 2008
$7,500 Home Buyers Credit
Starting this week, hundreds of thousands of potential buyers who've been on the sidelines can purchase a new or resale house and qualify for the credit. The National Association of Realtors estimates that up to two million sales could be stimulated by the credit in the coming 11 months, and the National Association of Home Builders anticipates a "multiplier effect" in the move-up segment of the market.
That's because people who sell houses to buyers using the credit will then often need to go out and find replacement homes for themselves -- effectively rippling the impact of the credit upstream, triggering even more sales.
Since there's no Congressional limit on how many buyers can take advantage of the new incentive, it could prove to be huge. It all depends on whether Realtors, builders and individual sellers educate potential buyers about how to factor the credit into affording a new home.
In other economic news this week, mortgage rates jumped to their highest level in nearly a year, 6.6 percent for 30-year fixed rate conventional loans, according to the Mortgage Bankers Association of America.
On the plus side, the University of Michigan's Consumer Sentiment survey -- a key economic barometer affecting consumers' willingness to spend - rose a surprising five points last month.
And still another surprise: The national home ownership rate -- defying all gloom and doom predictions -- jumped to 68.1 percent in the latest quarter, up from 67.8 percent.
That's because people who sell houses to buyers using the credit will then often need to go out and find replacement homes for themselves -- effectively rippling the impact of the credit upstream, triggering even more sales.
Since there's no Congressional limit on how many buyers can take advantage of the new incentive, it could prove to be huge. It all depends on whether Realtors, builders and individual sellers educate potential buyers about how to factor the credit into affording a new home.
In other economic news this week, mortgage rates jumped to their highest level in nearly a year, 6.6 percent for 30-year fixed rate conventional loans, according to the Mortgage Bankers Association of America.
On the plus side, the University of Michigan's Consumer Sentiment survey -- a key economic barometer affecting consumers' willingness to spend - rose a surprising five points last month.
And still another surprise: The national home ownership rate -- defying all gloom and doom predictions -- jumped to 68.1 percent in the latest quarter, up from 67.8 percent.
Wednesday, September 3, 2008
Loss Mitigation- Federal House Administration-FHA-
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
WASHINGTON, DC 20410-8000
ASSISTANT SECRETARY FOR HOUSINGFEDERAL
HOUSING COMMISSIONER
August 14, 2008
MORTGAGEE LETTER 2008-21
TO: ALL APPROVED MORTGAGEES
ATTENTION: Single Family Servicing Managers
SUBJECT: FHA Loss Mitigation Program Updates
The Federal Housing Administration (FHA) is pleased to announce several changes to its
Loss Mitigation Program that will strengthen both the Loan Modification and Partial Claim
Initiatives.
While these changes are designed to address borrowers who are facing serious defaults,
most delinquencies can and should be resolved through early intervention. Mortgagees are
reminded of the critical importance of early and constructive contact with delinquent borrowers and
the requirement to notify borrowers of the availability of default counseling by HUD-approved
counseling agencies.
Loss Mitigation Program Changes
This Mortgagee Letter announces three changes to the existing Loss Mitigation program
designed to give mortgagees additional latitude to help borrowers cure defaults and retain
homeownership. The changes noted below are effective immediately.
First, with respect to Loan Modifications, mortgagees may use the Treasury 10-year
constant maturity as a basis for establishing the maximum interest rate for loan modifications. The
maximum interest allowable should be calculated as 200 basis points above the monthly average
yield on United States Treasury Securities, adjusted to a constant maturity of 10 years. Mortgagees
shall refer to the rate that is in effect as of the date of execution of the loan modification. For
information on the 10-year monthly constant maturities, please refer to the statistical release H.15,
which is available on the following web site: http://www.federalreserve.gov/releases/h15/data.htm
Next, where loss mitigation is being attempted after foreclosure has been initiated, mortgage
servicers and mortgagors have advised that foreclosure related costs and legal fees are often
impediments to successful loss mitigation. Many mortgagors who are able to resume making
monthly mortgage payments frequently do not have sufficient funds to reimburse the mortgagee the
legal fees and foreclosure costs incurred prior to qualifying for loss mitigation and therefore are
denied participation.
www.hud.gov espanol.hud.gov
Effective with this Mortgagee Letter, the Department will begin allowing legal fees and
foreclosure costs related to a canceled foreclosure action to be incorporated into either the Loan
Modification or the Partial Claim subject to the following requirements. This guidance expands and
supersedes, in relevant part, the guidance provided in Loan Modifications section F (page 21) and
Partial Claims section F (page 26) of Mortgagee Letter 00-05.
For Loan Modifications, legal fees and related foreclosure costs may now be capitalized
into the modified principal balance. For Partial Claims (PC), mortgagees may now include legal
fees and foreclosure costs related to a canceled foreclosure in the Partial Claim.
Mortgagees are reminded that all such foreclosure costs must reflect work actually
completed to the date of the foreclosure cancellation and the attorney fees should not be in excess of
the fee schedule that HUD has identified as customary and reasonable for FHA claim
reimbursement. Late fees should not be capitalized in a Modification or included in a Partial Claim.
As the goal in providing the mortgagor either a Loan Modification or a Partial Claim is to bring the
delinquent mortgage current and give the mortgagor a new start, the mortgagee should waive all
accrued late fees.
Please refer to Mortgagee Letter 2005-30 (or any subsequent guidance issued by FHA on
reasonable and customary foreclosure costs) for the fee schedule for legal fees that HUD has
identified as customary and reasonable for FHA claim reimbursement. Lenders should perform a
retroactive escrow analysis at the time of the loan modification to ensure that the delinquent
payments being capitalized reflect the actual escrow requirements required for those months
capitalized.
Finally, in response to the industry’s request to provide adequate time for the mortgagee to
complete all required actions related to a loan modification, the Department provides the following
clarification. When establishing a loan modification, it is acceptable for mortgagees to include all
payments due including an additional month in the loan modification.
Consider the following example. The mortgagor is due for the January 2008 and all
subsequent payments. The mortgagee completes its loss mitigation evaluation on June 27, 2008.
To allow adequate time to complete the loan modification, obtain all required signatures and
provide adequate notice to the mortgagor of the new payment, the mortgagee may include the
payments due for July 2008 and August 2008 in the loan modification. The mortgagor will begin
remitting payments due under the modified mortgage effective with the installment due September
1, 2008.
Any questions regarding this Mortgagee Letter or requirements for use of the partial claim
and loan modification authorities may be directed to HUD's National Servicing Center (NSC) at
888-297-8685 or hsg-lossmit@hud.gov.
Sincerely,
Brian D. Montgomery
Assistant Secretary for Housing –
Federal Housing Commissioner
WASHINGTON, DC 20410-8000
ASSISTANT SECRETARY FOR HOUSINGFEDERAL
HOUSING COMMISSIONER
August 14, 2008
MORTGAGEE LETTER 2008-21
TO: ALL APPROVED MORTGAGEES
ATTENTION: Single Family Servicing Managers
SUBJECT: FHA Loss Mitigation Program Updates
The Federal Housing Administration (FHA) is pleased to announce several changes to its
Loss Mitigation Program that will strengthen both the Loan Modification and Partial Claim
Initiatives.
While these changes are designed to address borrowers who are facing serious defaults,
most delinquencies can and should be resolved through early intervention. Mortgagees are
reminded of the critical importance of early and constructive contact with delinquent borrowers and
the requirement to notify borrowers of the availability of default counseling by HUD-approved
counseling agencies.
Loss Mitigation Program Changes
This Mortgagee Letter announces three changes to the existing Loss Mitigation program
designed to give mortgagees additional latitude to help borrowers cure defaults and retain
homeownership. The changes noted below are effective immediately.
First, with respect to Loan Modifications, mortgagees may use the Treasury 10-year
constant maturity as a basis for establishing the maximum interest rate for loan modifications. The
maximum interest allowable should be calculated as 200 basis points above the monthly average
yield on United States Treasury Securities, adjusted to a constant maturity of 10 years. Mortgagees
shall refer to the rate that is in effect as of the date of execution of the loan modification. For
information on the 10-year monthly constant maturities, please refer to the statistical release H.15,
which is available on the following web site: http://www.federalreserve.gov/releases/h15/data.htm
Next, where loss mitigation is being attempted after foreclosure has been initiated, mortgage
servicers and mortgagors have advised that foreclosure related costs and legal fees are often
impediments to successful loss mitigation. Many mortgagors who are able to resume making
monthly mortgage payments frequently do not have sufficient funds to reimburse the mortgagee the
legal fees and foreclosure costs incurred prior to qualifying for loss mitigation and therefore are
denied participation.
www.hud.gov espanol.hud.gov
Effective with this Mortgagee Letter, the Department will begin allowing legal fees and
foreclosure costs related to a canceled foreclosure action to be incorporated into either the Loan
Modification or the Partial Claim subject to the following requirements. This guidance expands and
supersedes, in relevant part, the guidance provided in Loan Modifications section F (page 21) and
Partial Claims section F (page 26) of Mortgagee Letter 00-05.
For Loan Modifications, legal fees and related foreclosure costs may now be capitalized
into the modified principal balance. For Partial Claims (PC), mortgagees may now include legal
fees and foreclosure costs related to a canceled foreclosure in the Partial Claim.
Mortgagees are reminded that all such foreclosure costs must reflect work actually
completed to the date of the foreclosure cancellation and the attorney fees should not be in excess of
the fee schedule that HUD has identified as customary and reasonable for FHA claim
reimbursement. Late fees should not be capitalized in a Modification or included in a Partial Claim.
As the goal in providing the mortgagor either a Loan Modification or a Partial Claim is to bring the
delinquent mortgage current and give the mortgagor a new start, the mortgagee should waive all
accrued late fees.
Please refer to Mortgagee Letter 2005-30 (or any subsequent guidance issued by FHA on
reasonable and customary foreclosure costs) for the fee schedule for legal fees that HUD has
identified as customary and reasonable for FHA claim reimbursement. Lenders should perform a
retroactive escrow analysis at the time of the loan modification to ensure that the delinquent
payments being capitalized reflect the actual escrow requirements required for those months
capitalized.
Finally, in response to the industry’s request to provide adequate time for the mortgagee to
complete all required actions related to a loan modification, the Department provides the following
clarification. When establishing a loan modification, it is acceptable for mortgagees to include all
payments due including an additional month in the loan modification.
Consider the following example. The mortgagor is due for the January 2008 and all
subsequent payments. The mortgagee completes its loss mitigation evaluation on June 27, 2008.
To allow adequate time to complete the loan modification, obtain all required signatures and
provide adequate notice to the mortgagor of the new payment, the mortgagee may include the
payments due for July 2008 and August 2008 in the loan modification. The mortgagor will begin
remitting payments due under the modified mortgage effective with the installment due September
1, 2008.
Any questions regarding this Mortgagee Letter or requirements for use of the partial claim
and loan modification authorities may be directed to HUD's National Servicing Center (NSC) at
888-297-8685 or hsg-lossmit@hud.gov.
Sincerely,
Brian D. Montgomery
Assistant Secretary for Housing –
Federal Housing Commissioner
Friday, August 22, 2008
Eastvale Corona Valley California Short Sale
This is a steel at this price$399,000.
Original price of $672,500.
Act Now and Save. Make your best offer.
5 bedrooms 4 bath. 3599 Sf. home and 8276 Sf. lot. Kitchen granite and bathrooms counter tops, foyer entrance, two stair cases, living room, family room w/fireplace, large kitchen island, formal dinning and nook, tile floors and carpet, up graded cabinetry, cathedral ceilings, 1 bdr+1bth on main floor, loft and 3 bth up stairs,master suite/retreat, master bth, walking closet, shower/tub, his and her vanity, custome paint, BBQ island, large back yard, color stamp slab, 3 tandem car garage. Seller will replace appliances, lighting fixtures w/builder originals. cover window to be remove, BBQ greel, cook top and food warmer will be remove.
Lupe Medina/Realtor. 909-964-2646
Oscar Matamoros/Marketing. 714-609-3434
http://www.homesbyarea.com/
homesbyarea@gmail.com
Original price of $672,500.
Act Now and Save. Make your best offer.
5 bedrooms 4 bath. 3599 Sf. home and 8276 Sf. lot. Kitchen granite and bathrooms counter tops, foyer entrance, two stair cases, living room, family room w/fireplace, large kitchen island, formal dinning and nook, tile floors and carpet, up graded cabinetry, cathedral ceilings, 1 bdr+1bth on main floor, loft and 3 bth up stairs,master suite/retreat, master bth, walking closet, shower/tub, his and her vanity, custome paint, BBQ island, large back yard, color stamp slab, 3 tandem car garage. Seller will replace appliances, lighting fixtures w/builder originals. cover window to be remove, BBQ greel, cook top and food warmer will be remove.
Lupe Medina/Realtor. 909-964-2646
Oscar Matamoros/Marketing. 714-609-3434
http://www.homesbyarea.com/
homesbyarea@gmail.com
Thursday, August 14, 2008
Buying Or Selling Your Home Is Affected By Rates?
Buying or selling your home is affected by rates and property values.
Sellers can seat waiting for prices to go up, this will only turn into a high purchase price, possible high interest rates and a high property taxe when replacing and existing a home.
Buyers could wait just to see property values and rates increasing.
There are some areas where we have seen stable prices and in some others prices steel going down. However, the move will be swift day to day.
For buyers it is important to capture the best rate available in advance. Increase rates decrees your buying power.
It's simple: The trend is higher. Rates will have their ups and downs, but rates are headed higher in the medium term. Lenders and Fannie and Freddie are jacking up rates and fees to compensate for risk.
Whatever happened to rates yesterday, the opposite will happen the next day. This will lead to very slight changes, in either direction, until the market continues to settle down.
The rates direction has meaningful impact, but focus remains on borrower qualification, raising concerns that, regardless of the rate environment, there may be a further increase in borrowers who are unable to qualify.
Qualifying for a loan today might not be as easy tomorrow with the changing values, changing rates and changing qualifications
Just as there is no obvious explanation for the drop in oil prices, mortgage rates are going to drop like a rock. That is and expectation and you can not bank on that.
By Oscar Matamoros/Marketing
Re/Max Metro Realty
http://www.homesbyarea.com/
Sellers can seat waiting for prices to go up, this will only turn into a high purchase price, possible high interest rates and a high property taxe when replacing and existing a home.
Buyers could wait just to see property values and rates increasing.
There are some areas where we have seen stable prices and in some others prices steel going down. However, the move will be swift day to day.
For buyers it is important to capture the best rate available in advance. Increase rates decrees your buying power.
It's simple: The trend is higher. Rates will have their ups and downs, but rates are headed higher in the medium term. Lenders and Fannie and Freddie are jacking up rates and fees to compensate for risk.
Whatever happened to rates yesterday, the opposite will happen the next day. This will lead to very slight changes, in either direction, until the market continues to settle down.
The rates direction has meaningful impact, but focus remains on borrower qualification, raising concerns that, regardless of the rate environment, there may be a further increase in borrowers who are unable to qualify.
Qualifying for a loan today might not be as easy tomorrow with the changing values, changing rates and changing qualifications
Just as there is no obvious explanation for the drop in oil prices, mortgage rates are going to drop like a rock. That is and expectation and you can not bank on that.
By Oscar Matamoros/Marketing
Re/Max Metro Realty
http://www.homesbyarea.com/
Tuesday, August 12, 2008
Federal Housing Package
Federal housing package
The sweeping housing measure signed into law Wednesday by President Bush is a boon for all California REALTORS® and their clients, promising to provide increased access for first-time homeowners to mortgage financing, particularly in high-priced areas such as California; tax credits for first-time buyers; and much-needed stabilization of the nations turbulent financial markets.This federal housing package represents a significant move in the right direction for California homeowners, said C.A.R. President William E. Brown. The measure will not only help thousands of borrowers facing financial trouble stay in their homes, but pave the way for thousands more to achieve the dream of becoming first-time homeowners, and help move otherwise skeptical buyers off the fence."The Housing and Economic Recovery Act of 2008, will assist an estimated 400,000 homeowners currently facing foreclosure, many of whom reside in California, by allowing them to refinance their current subprime mortgages with a more affordable Federal Housing Administration (FHA)-backed loan. This particular feature of the bill aims to stem the rising tide of foreclosures that have been driving down home values across the state and creating tougher lending rules that have pushed many potential first-time buyers with good credit off to the sidelines.The bill also will permanently increase FHA, Fannie Mae, and Freddie Mac loan limits in high-cost areas something C.A.R. has been pushing for its members for some time. The bill permanently increases the conforming loan limit to $625,500. The Economic Stimulus Act of 2008, signed in February, raised the conforming loan limit in high-cost areas to $729,750 from $417,000. However, this change was temporary and set to expire Dec. 31.Although a permanent loan limit at $729,750 would have been preferable, the new, permanent loan limit of $625,500 will open the door for many California homeowners hoping to refinance their loans into safe, affordable loan products, allow first-time home buyers to get back into the market, and boost business for the Associations member REALTORS® up and down the state.With more buyers able to enter the market, and greater access to affordable loan products that won't have home buyers struggling six months down the road to make their payments, we can expect to see more buyers coming back into the market, Brown said. Increased access to mortgage capital is a key provision of this measure and will significantly improve the options for these first-time buyers here in our state, where home prices remain among the highest in the nation.The new loan limits for Fannie Mae and Freddie Mac are the greater of either $417,000 or 115 percent of an areas median home price, up to $625,500. The new FHA loan limit will be the greater of $271,050 or 115 percent of an areas median home price, up to $625,500. Both new loan limits will be effective at the expiration of the economic stimulus limits on December 31, 2008.Another key provision of the bill is a tax credit for first-time home buyers, who may now receive a tax refund worth up to 10 percent of a homes purchase price, up to a maximum of $7,500. The refund serves as an interest-free loan and the homeowner is required to repay it in equal installments over 15 years.Incentives for lowering the cost of buying a home are critical in a market where the affordability rate, or the percentage of households in California that can afford to buy an entry-level home, although showing some strength in the recent months, remains at 44 percent.The measure also allows for the Treasury Dept. to create a federal backstop program to ensure the financial well-being of Government Sponsored Enterprises, specifically, Fannie Mae and Freddie Mac, the nations two largest mortgage lenders.By providing the GSE with a solid regulator, and giving the Treasury the authority to step in and ensure the financial well being of the GSE, this new legislation should restore investor confidence in Fannie and Freddie, allowing them to continue to create programs that make the home-buying process an affordable and viable one for all, Brown said.Other provisions of the measure that C.A.R. supports are:--A temporary increase in mortgage revenue bonds to refinance subprime mortgages.--Temporary raise in the loan limit for the Veterans Affairs home loan guarantee program to the same level as the economic stimulus limits until the end of 2008.--Adjustment to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), allowing sellers to provide the non-foreign affidavit to a qualified closing entity and not just the buyer.--The setting of minimum requirements for mortgage originators, which mandates fingerprinting of loan originators and establishes a nationwide loan originator licensing and registration system. The requirements do not apply to those only performing real estate brokerage activities unless they are compensated by a lender, mortgage broker, or other loan originator. States will have the ability to implement more stringent laws.--The creation of a National Affordable Housing Trust Fund to help cover the cost of the FHA rescue plan for the first five years and develop affordable housing in subsequent years.--The Community Development Block Grant Programs? $4 billion allotment for communities to purchase and refurbish foreclosed homes.
Let's brake this down to what it could be. We won't have final details until the month of Octuber.
FHA refinancing program
A new FHA loan program would be established to help struggling homeowners refinance their mortgage with a new 30-year, fixed-rate FHA loan.
To qualify, the homeowner must:
have an existing mortgage originated before Jan. 1, 2008,
be unable to afford the payments on that mortgage,
have a mortgage debt-to-income ratio of at least 31 percent (or potentially higher),
live in the home and
meet a number of other requirements.
The homeowner’s current lender would have to agree to reduce the amount owed on the existing mortgage to no more than 90 percent of the home’s current market value.
Borrowers who want to apply for this program should first contact their current mortgage servicer and then an FHA-approved lender. Borrowers will have to pay a monthly premium for FHA mortgage insurance, be reasonably able to afford the payments on the new mortgage and share a portion of future appreciation in the value of the home with the FHA.
First-time home buyer tax credit
Home buyers who purchased a home on or after April 9, 2008, or before July 1, 2009, and had not owned a home during the previous three years would be eligible for a federal income tax credit of up to $7,500. The credit would have to be repaid over a 15-year-period and would be phased out for taxpayers whose adjusted gross income exceeds $75,000 (single filers) or $150,000 (joint tax return).
Owners are beginning to flow the Lenders phone lines and getting ready to jump on this opportunity. Home owner most act now in getting there application going and prepare to provide lenders with all documentation needed.
Visit http://www.homesbyarea.com/
The sweeping housing measure signed into law Wednesday by President Bush is a boon for all California REALTORS® and their clients, promising to provide increased access for first-time homeowners to mortgage financing, particularly in high-priced areas such as California; tax credits for first-time buyers; and much-needed stabilization of the nations turbulent financial markets.This federal housing package represents a significant move in the right direction for California homeowners, said C.A.R. President William E. Brown. The measure will not only help thousands of borrowers facing financial trouble stay in their homes, but pave the way for thousands more to achieve the dream of becoming first-time homeowners, and help move otherwise skeptical buyers off the fence."The Housing and Economic Recovery Act of 2008, will assist an estimated 400,000 homeowners currently facing foreclosure, many of whom reside in California, by allowing them to refinance their current subprime mortgages with a more affordable Federal Housing Administration (FHA)-backed loan. This particular feature of the bill aims to stem the rising tide of foreclosures that have been driving down home values across the state and creating tougher lending rules that have pushed many potential first-time buyers with good credit off to the sidelines.The bill also will permanently increase FHA, Fannie Mae, and Freddie Mac loan limits in high-cost areas something C.A.R. has been pushing for its members for some time. The bill permanently increases the conforming loan limit to $625,500. The Economic Stimulus Act of 2008, signed in February, raised the conforming loan limit in high-cost areas to $729,750 from $417,000. However, this change was temporary and set to expire Dec. 31.Although a permanent loan limit at $729,750 would have been preferable, the new, permanent loan limit of $625,500 will open the door for many California homeowners hoping to refinance their loans into safe, affordable loan products, allow first-time home buyers to get back into the market, and boost business for the Associations member REALTORS® up and down the state.With more buyers able to enter the market, and greater access to affordable loan products that won't have home buyers struggling six months down the road to make their payments, we can expect to see more buyers coming back into the market, Brown said. Increased access to mortgage capital is a key provision of this measure and will significantly improve the options for these first-time buyers here in our state, where home prices remain among the highest in the nation.The new loan limits for Fannie Mae and Freddie Mac are the greater of either $417,000 or 115 percent of an areas median home price, up to $625,500. The new FHA loan limit will be the greater of $271,050 or 115 percent of an areas median home price, up to $625,500. Both new loan limits will be effective at the expiration of the economic stimulus limits on December 31, 2008.Another key provision of the bill is a tax credit for first-time home buyers, who may now receive a tax refund worth up to 10 percent of a homes purchase price, up to a maximum of $7,500. The refund serves as an interest-free loan and the homeowner is required to repay it in equal installments over 15 years.Incentives for lowering the cost of buying a home are critical in a market where the affordability rate, or the percentage of households in California that can afford to buy an entry-level home, although showing some strength in the recent months, remains at 44 percent.The measure also allows for the Treasury Dept. to create a federal backstop program to ensure the financial well-being of Government Sponsored Enterprises, specifically, Fannie Mae and Freddie Mac, the nations two largest mortgage lenders.By providing the GSE with a solid regulator, and giving the Treasury the authority to step in and ensure the financial well being of the GSE, this new legislation should restore investor confidence in Fannie and Freddie, allowing them to continue to create programs that make the home-buying process an affordable and viable one for all, Brown said.Other provisions of the measure that C.A.R. supports are:--A temporary increase in mortgage revenue bonds to refinance subprime mortgages.--Temporary raise in the loan limit for the Veterans Affairs home loan guarantee program to the same level as the economic stimulus limits until the end of 2008.--Adjustment to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), allowing sellers to provide the non-foreign affidavit to a qualified closing entity and not just the buyer.--The setting of minimum requirements for mortgage originators, which mandates fingerprinting of loan originators and establishes a nationwide loan originator licensing and registration system. The requirements do not apply to those only performing real estate brokerage activities unless they are compensated by a lender, mortgage broker, or other loan originator. States will have the ability to implement more stringent laws.--The creation of a National Affordable Housing Trust Fund to help cover the cost of the FHA rescue plan for the first five years and develop affordable housing in subsequent years.--The Community Development Block Grant Programs? $4 billion allotment for communities to purchase and refurbish foreclosed homes.
Let's brake this down to what it could be. We won't have final details until the month of Octuber.
FHA refinancing program
A new FHA loan program would be established to help struggling homeowners refinance their mortgage with a new 30-year, fixed-rate FHA loan.
To qualify, the homeowner must:
have an existing mortgage originated before Jan. 1, 2008,
be unable to afford the payments on that mortgage,
have a mortgage debt-to-income ratio of at least 31 percent (or potentially higher),
live in the home and
meet a number of other requirements.
The homeowner’s current lender would have to agree to reduce the amount owed on the existing mortgage to no more than 90 percent of the home’s current market value.
Borrowers who want to apply for this program should first contact their current mortgage servicer and then an FHA-approved lender. Borrowers will have to pay a monthly premium for FHA mortgage insurance, be reasonably able to afford the payments on the new mortgage and share a portion of future appreciation in the value of the home with the FHA.
First-time home buyer tax credit
Home buyers who purchased a home on or after April 9, 2008, or before July 1, 2009, and had not owned a home during the previous three years would be eligible for a federal income tax credit of up to $7,500. The credit would have to be repaid over a 15-year-period and would be phased out for taxpayers whose adjusted gross income exceeds $75,000 (single filers) or $150,000 (joint tax return).
Owners are beginning to flow the Lenders phone lines and getting ready to jump on this opportunity. Home owner most act now in getting there application going and prepare to provide lenders with all documentation needed.
Visit http://www.homesbyarea.com/
Saturday, August 9, 2008
"What Can You Do To Sell Your Home Fast"
What Can You Can Do to Sell Your Home Fast.
Have you listened to the news "Real Estate reports" about today's market, you may think that selling your property will be impossible. What the news won't tell you, is that there are people every day looking for homes and looking to find great deals. They are looking to buy fast to avoid interest rate hikes or prices to go up too. Buyers know that there are sellers willing to lower their home prices and ready to negotiate.
Your first move is to find a realtor that will provide you with all the tools, good presentation and a good image. This realtor most have a strong web site presence. This will assure you of having your property listing on every place possible and for buyers to find your For Sale home.
Pricing your home right is the most important thing to do. You most be provides with the right information on your neighborhood lattes active and sold properties
Be motivated and ready to deal with the low or height's of your selling experience, make your property easy to be access by buyers agents. Staging your home will get it ready to be sold by making your home attractive to anybody walking through. Make the out side attractive by bringing some color to your front yard. Small investment could bring a large profit.
Move all the bulky furniture's and remove the exes of personal items. Organise your closets and set your bed every morning before going to work. keep your window curtains open to bring light in to your home to make the buyers welcome. Have your carpet professionally clean.
If you have pets make arrangements to have them be away from your living areas. You best buyers could well be allergic to pets and pass on the opportunity to buy your home
Your Listing agent should be able to provide the right information and ideas.
Selling and buying is a win win situation
Have you listened to the news "Real Estate reports" about today's market, you may think that selling your property will be impossible. What the news won't tell you, is that there are people every day looking for homes and looking to find great deals. They are looking to buy fast to avoid interest rate hikes or prices to go up too. Buyers know that there are sellers willing to lower their home prices and ready to negotiate.
Your first move is to find a realtor that will provide you with all the tools, good presentation and a good image. This realtor most have a strong web site presence. This will assure you of having your property listing on every place possible and for buyers to find your For Sale home.
Pricing your home right is the most important thing to do. You most be provides with the right information on your neighborhood lattes active and sold properties
Be motivated and ready to deal with the low or height's of your selling experience, make your property easy to be access by buyers agents. Staging your home will get it ready to be sold by making your home attractive to anybody walking through. Make the out side attractive by bringing some color to your front yard. Small investment could bring a large profit.
Move all the bulky furniture's and remove the exes of personal items. Organise your closets and set your bed every morning before going to work. keep your window curtains open to bring light in to your home to make the buyers welcome. Have your carpet professionally clean.
If you have pets make arrangements to have them be away from your living areas. You best buyers could well be allergic to pets and pass on the opportunity to buy your home
Your Listing agent should be able to provide the right information and ideas.
Selling and buying is a win win situation
By Lupe Medina/Oscar Matamoros
Friday, August 8, 2008
Whittier Short Sale Homes
SAVE!!!! SAVE!!!! Short sale in the city of Whittier price at $1,474,000 located in Riverway. 4000 Sf. 5bedrooms 5 bath. Listed by Re/Max Metro Bokerage.
WHITTIER SHORT SALE, BUY AND SAVE
For more details call to make an appointment with Lupe Medina
She is an expert negotiator and one of the top Realtors for Re/Max Metro Realty
Call Oscar Matamoros/Marketing to set up your appointment at 714-609-3434
We will find the right deal for you in Orange, Los Angeles, San Bernardino and Riverside County.
Visit our web site www.homesbyarea.com
For more details call to make an appointment with Lupe Medina
She is an expert negotiator and one of the top Realtors for Re/Max Metro Realty
Call Oscar Matamoros/Marketing to set up your appointment at 714-609-3434
We will find the right deal for you in Orange, Los Angeles, San Bernardino and Riverside County.
Visit our web site www.homesbyarea.com
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